4 questions lodged at 2025 TruScreen virtual EGM
July 15, 2025
Below is the text of the 4 written questions submitted at the 50 minute TruScreen (TRU) virtual EGM at 11am on July 15, 2025 held via this MUFG link to approve 8 share issue resolutions. Market cap $11.5m. Only purchased on July 8. See notice of meeting and voting results with no protest votes. No early disclosure of proxies or formal addresses lodged with ASX before the meeting commenced.
Q1. Why didn't we announce the proxy position to the ASX and NZSX before the meeting commenced as many companies now do? Have there been any material proxy protest votes on any of today's 8 resolutions? If so, what concerns were raised?
Answer: The chair Tony Ho claimed this would somehow interfere with democracy and confused proxy voting with poll voting when he said proxy voting hadn't closed as yet. In the end, there were no material protest votes. Watch video of exchange via Twitter.
Q2. How many of our shareholders were eligible to participate in the SPP and how many did? What sort of solicitation campaign did we run to maximise participation and thank you for offering secondary pricing based on a 2.5% discount to VWAP. Whose idea was that? The company's or the brokers to the issue?
Answer: The proxy whisperer "Guy" revealed that 1,972 shareholder were eligible but for some reason didn't have the number on how many actually did participate in the SPP. The chair said two reminder emails were sent but no proxy solicitation firm was hired. Watch video of exchange via Twitter, plus these additional comments from chair Tony Ho explaining the 2.5% discount.
Q3. I'm not generally a fan of issuing options to brokers. Did we test the market to try and find alternative brokers who didn't insist on such a large 25 million options grant in order to get the capital raising done? Does the chair agree there are governance issues with paying in stock like this and it would be cleaner to only pay by cash?
Answer: The chair Tony Ho said this was market practice and needed to be viewed as a package. Watch video of exchange via Twitter, plus these additional comments on the need to conserve cash.
Q3. The latest accounts show we've got accumulated losses of $37.5m and net assets of just $1m so shareholders are down around $25m given that the market cap is today $11m. As a relatively new shareholder, could the chair briefly summarise where all the shareholder funds went. If he had his time again, what does he believe current and former directors of this company should have done differently?
Answer: The chair dismissed another general question as not relevant to the specific 8 items on the agenda, which is presumably why this question was never read out. It would have been useful to get some history on the cervical cancer technology company.
Copyright © 2025 The Mayne Report. All rights reserved
